 |
Community Homebuyer’s Program
Community Homebuyer’s Program is a fixed rate loan for first time homebuyers with a low down payment, usually 3-5%. No cash reserve requirement and easier qualifying ratios. Subject to borrower meeting income limits and attendance of a four hour training course on home ownership.
|
|
Conventional Loan
Conventional loans are sometimes more lenient with the appraisal and condition of the property. Conventional loans are not government insured and usually have higher down payment requirements.
|
|
FHA Loan
FHA loans are insured by the Federal Housing Administration under H.U.D. They offer lower down payments and are easier to qualify for than conventional loans. Appraisal and property condition rules will be applied and loan amounts are limited.
|
|
Fixed Rate Loan
A fixed rate loan has one interest rate that remains constant throughout the life of the loan.
|
|
Graduated Payment Mortgage
A fixed rate loan that has payment starting lower than a standard fixed rate loan, which then increases by a predetermined amount each year for a set number of years.
|
|
Non-Qualifying Loan (Assumable)
Non-Qualifying loans are pre-existing loans which can be assumed by a buyer from the seller of a property without going through the qualifying process. The buyer pays the seller for their equity and then starts making payments.
|
|
VA Loan
VA loans are guaranteed by the Veterans Administration. A veteran must have served 180 days active service.
|
